Canopius expands its UK retail franchise
Canopius Group, a leading specialist (re)insurance underwriting business, has acquired the 25 percent shareholding in Arista Insurance owned by Equity Insurance Group.
Following the deal, Arista will be owned 75 percent by Canopius and 25 percent by Arista’s management team. With effect from 1 July, Canopius has also become the capacity provider for Arista’s commercial motor book, previously underwritten by Equity.
In addition, Canopius has taken over the underwriting of Equity’s household and personal accident books of business. Together with Arista’s motor account, these portfolios comprise around £50 million of annualised gross written premiums.
“This series of transactions provides a substantial boost to our UK Retail strategic business unit, increasing its annualised premiums by approximately 20 percent,” said Michael Watson, executive chairman, Canopius. “Arista is a profitable MGA and we are pleased to increase our stake and provide further underwriting support for its product range.
“Household and personal accident are core lines for Canopius’s UK Retail strategic business unit and the acquisition of Equity’s profitable portfolios supports our strategy for growth in this part of our operations.”
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